Finance & Capital Management

Goodlettsville, Tenn. -- Dollar General Corp. on Thursday reported earnings of $251.3 million for the second quarter, in line with expectations, even as its sales decelerated. The company also said it still wants to buy Family Dollar Stores, even though the rival discounter rejected Dollar General’s bid of its $8.95 billion offer last week.

Walmart’s seemingly endless Foreign Corrupt Practices Act investigation and mounting expenses drew the attention of the New York Times again this week which explored arcane legal issues that have muzzled a former Walmart lawyer.

Destination XL president and CEO David Levin credited increased traffic and higher conversion rates for helping drive sales in the second quarter.

Although charges related to the decision by Destination XL to exit the Sears Canada Direct business resulted in the retailer’s net loss growing to $4 million in the quarter, from $1.6 million a year earlier, total sales fared better, increasing 6% to $103.7 million, compared with $98 million in the second quarter of fiscal 2013. Same-store sales rose 7%.

Digital talent is a hot topic among retail CEOs today — primarily, where to find enough talent to develop the organization’s “digital DNA” at every level and in every area of the business. With digital talent within retail in short supply, we now have to proactively go further afield — whether in travel, finance, the tech industry or elsewhere — to identify and woo the digital experts our companies need to grow.

Solid comparable sales gains and a strong topline performance in Genesco’s direct businesses were not enough to offset a sales and gross margin shortfall versus plan at the company’s Lids Sports Group, prompting the company to lower its guidance for the full fiscal year.

The company reported earnings from continuing operations for the second quarter ended Aug. 2 of $4.8 million, or $0.20 per diluted share, compared to earnings from continuing operations of $8.5 million, or $0.36 per diluted share, for the second quarter ended August 3, 2013.

Dollar General made the case for the superiority of its Family Dollar takeover bid with the release of second quarter results that revealed consistency as well some deceleration in sales and profit growth.

Gordmans Stores new CEO Andy Hall is looking to execute a turnaround at the off price department store chain where weak sales trends and losses indicate he is in for a big challenge.
 

Soft traffic and promotional activity have continued to put Guess’ North American stores under pressure, but the retailer said it is encouraged by its North American online business, which soared 50% in the second quarter.

The company reported net earnings of $22 million, a 50.5% decrease compared to adjusted net earnings of $44.3 million for the year ago period, which prompted the retailer to cut its fiscal year outlook.

Sales for the quarter decreased 4.8% to $608.6 million, from $639 million a year ago. Same-store sales decreased 5.4%.

La-Z-Boy has named Doug Collier as SVP of La-Z-Boy Incorporated, chief marketing officer and president, international, and has named Darrell Edwards as SVP of La-Z-Boy Incorporated and chief supply chain officer.  

Collier rejoined La-Z-Boy in June 2007 after two years with Select Comfort as chief marketing officer and SVP of marketing. Prior to Select Comfort, Collier held various leadership positions at La-Z-Boy from 2002 through 2005, including VP of marketing and furniture galleries development.

The National Retail Federation has hired Mary Heitman as VP of retail programs.

Heitman previously served as director of events and deputy director of development for the Trust for the National Mall, where managed corporate sponsorships and events designed to increase donor engagement, identified and cultivated prospects and leveraged relationships in the government affairs and corporate community. Prior to the Trust for the National Mall, she owned and operated a private marketing and fundraising firm and served as finance director for the Republican National Committee.